Asian markets trade positive even as Fed signals no hurrry in rate cut
Even as the markets stayed cautious amid the Fed outlook on interest rates, Asian markets rallied in early trade on key data.
Even as the Indian equities and other integral markets including the MCX are shut on the auspicious occasion of Guru Nanak Singh Jayanti, Asian markets largely traded in the green. The positive momentum remained even as Federal Reserve Chairman Jerome Powell said in Dallas that the US economy's better-than-expected economic state offers more leeway to policymarkers in taking decision on interest rate cuts.
“The strength we are currently seeing in the economy gives us the ability to approach our decisions carefully," added Powell.
The economy is not sending any signals that we need to be in a hurry to lower rates,” Powell said in Dallas.
The key MSCI Asia ex-Japan index traded with gains of 0.29 per cent at 575.96.
Here is how the key Asian indices performed at the last count in Friday's session:
Japan's Nikkei was up 0.81 per cent at 38,846
Hong Kong''s Hang Seng up 0.5 cent at 19,526
South Korea's KOSPI was up 0.24 cent
Singapore's Straits Times up 0.17 per cent
Jakarta Composite down 1 per cent
China’s Shanghai Shenzhen CSI 300 and Shanghai Composite indexes were down, while Hong Kong’s Hang Seng index traded marginally higher after a mixed set of economic print from the mainland
Chinese industrial production rose less than expected in October similar to fixed asset investment. There was also the dent seen on the property prices highlighting pressure therein. China markets are set to record decline for the week as the latest cues on stimulus didn't excited investors.
Also, there remain fears of a trade war with the US under the Trump's leadership causing a further cautious sentiment.
Nasdaq futures down by 0.5 per cent indicating weak start of the index when the US market resume trade.
Indian markets in the previous day's trade remained on its weakest trajectory path and continued to lose for the sixth straight session in a row on Friday ending below 23,550 levels. For the week, the indices ended lower by around 3 per cent for both the Nifty and Sensex, with PSU Banking pack leading the losses.
Also read: How Indian equities performed this week?
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